The new policyholder protection rules - Alert 11

The notice for the new long-term and short-term PPRs was published on 15 December 2017 in the Government Gazette. Remember that the PPRs apply to natural persons and juristic persons whose asset value or annual turnover is less than ZAR2 million.

Certain PPRs must be complied with 24 months after the date of publication. The rules below must therefore be complied with by 15 December 2019:

Short-term and long-term insurers:

Rule 13

(Data management)

Rule 19 (short-term) and Rule 20 (long-term)

(Termination of policies)

See our next edition for some practical tips on the final tranche of rules.